Major smart insulin pens and pumps market drivers include continuous technological advancements in the field of diabetes care along with growing adoption of advanced diabetes management methods.

Smart Insulin Pens & Pumps Market Growth & Trends

The global smart insulin pens and pumps market size is expected to reach USD 6.3 billion by 2026, registering around 10.0% CAGR over the forecast period according to a new report by Grand View Research, Inc. Major market drivers include continuous technological advancements in the field of diabetes care along with growing adoption of advanced diabetes management methods. The rising geriatric population coupled with the increasing incidence of diabetes as lifestyle associated disease are the factors expected to drive the product demand. Self-injection devices with integrated connectivity have become an important element of the digital ecosystem.

Smart insulin pens and pumps have created new standards for diabetes care. With the advent of Artificial Intelligence (AI), the entire paradigm of diabetes management has been transformed from simple Bluetooth enabled insulin delivery devices to an artificial pancreas. Furthermore, increasing investment and rising number of new product launches are expected to widen growth opportunities. For Instance, in July 2017, Cellnovo a French medtech company announced to raise USD 19.27 million to improve its product and to continue the R&D in artificial pancreas system. Many key players are focusing on technological collaborations, which is expected to have a long-term positive impact on the market. For instance, in September 2019, Medtronic collaborated with Novo Nordisk to integrate Novo future smart insulin pen dosage data with Medtronic CGM devices.

North America dominated the market in 2018 owing to favorable reimbursement policies, presence of key players, and high adoption rates for advanced technologies

By insulin pump types, Medtronic’s MiniMed accounted for the largest market share in 2018 and is expected maintain its dominance over the forecast period

Companion medical Inpen is expected to register the fastest CAGR over the forecast period, owing to high adoption rate and advanced features

By end use, hospital segment held the largest share of the smart insulin pens and pumps market in 2018. Homecare segment, on the other hand, is expected to register the fastest CAGR during the forecast period

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 126 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 4126 analysts and consultants, the company adds 121200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.